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United Community Financial Corp. Announces Successful Completion Of $39.9 Million Private Offering

United Community Financial Corp. (United Community or the Company)
(Nasdaq: UCFC), holding company of The Home Savings and Loan Company of
Youngstown, Ohio (Home Savings), today reported the successful
completion of...

United Community Financial Corp. (United Community or the Company) (Nasdaq: UCFC), holding company of The Home Savings and Loan Company of Youngstown, Ohio (Home Savings), today reported the successful completion of its previously disclosed $39.9 million private offering. The offering, which was initially announced on January 15, 2013, was comprised of approximately $18.1 million of common shares and approximately $21.8 million of preferred shares. In total, investors purchased 6,574,272 newly issued United Community common shares at a purchase price of $2.75 per share and 7,942 Series A Preferred Shares at a purchase price of $2,750 per share.

Patrick W. Bevack, President and CEO of United Community and Home Savings, commented, “The successful completion of the private offering is yet another major step forward for our Company. This capital raise provides United Community and Home Savings with the capital we need to grow our Company, raise our capital levels to levels that are commensurate with our risk profile and execute on our business plan.”

The private offering was the first part of a series of transactions in which the Company intends to raise a total of $47.0 million. As previously announced, the Company has entered into Subscription Agreements to issue approximately $2.1 million in common shares to the Company’s directors, officers and affiliates, and the Company also intends to commence a rights offering of approximately $5.0 million to existing shareholders. Both offerings will be at the same common share purchase price of $2.75 as paid by the investors in the private offerings.

The Company intends to conduct a Special Meeting of shareholders, at which time we will seek shareholder approval of both the conversion of the convertible preferred shares into common shares and the purchase of common shares by the directors, officers and their affiliates. This meeting is separate and distinct from the Company’s Annual Meeting, which will be scheduled at a later date.